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Dow Looking at 7th Straight Upward Session

Thursday, May 09, 2024 11:30 AM | Baystreet via QuoteMedia

Dow Looking at 7th Straight Upward Session

Stocks were slightly higher on Thursday as traders weighed disappointing earnings against new data that gave Wall Street hope of easier Federal Reserve policy later this year.

The 30-stock index gained 155.19 points to 39,211.58.

The S&P 500 regained 7.98 points to 5,195.65.

The NASDAQ fell 11.53 points to 16,291.23.

Weekly jobless claims came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year.

A fresh batch of quarterly earnings reports came out below Wall Street's expectations. Warner Bros Discovery slid 2% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb pulled back 7% after a weak guidance overshadowed a first-quarter beat.

Wall Street is coming off a mixed session, with the Dow notching a six-day winning streak and the S&P 500 closing lower for the first time in five days.

Prices for the 10-year Treasury inched up, lowering yields to 4.49% from Wednesday's 4.5%. Treasury prices and yields move in opposite directions.

Oil prices grew 45 cents to $79.44 U.S. a barrel.

Gold prices hiked $18.60 to $2,340.60.

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